Short-term rental sector boosts AI usage as hotels lag behind
While the hotel industry falls behind other sectors in adopting AI solutions, property management software provider Hostaway has found that the number of short-term rental (STR) property managers and owners using AI tools has more than doubled in just six months.
AI use among property managers and owners has climbed 63% since November 2023 - a pivotal shift in the industry's approach to modern technological solutions.
Property managers are deploying AI for dynamic pricing (41%), enhancing guest experiences (30%), and improving marketing strategies (29%). The most widely used AI tools include both the paid and free versions of ChatGPT.
While 31% of respondents have not observed a reduction in costs due to AI implementation, 35% reported substantial time savings, equivalent to four additional workdays per year. This figure increases to 47% among those managing more than 26 properties.
Despite the advantages it brings, 65% of participants expressed concerns about AI's ability to foster genuine human connections, and 54% were sceptical about AI handling complex guest issues.
Overall, 75% of property managers and owners are optimistic about AI, with 61% recognising it as bringing a competitive edge in the travel and tourism marketplace, particularly to hotels.
Hotels and STRs can reap the same benefits from using AI. The availability of the technology can be a key point of differentiation between whether a traveller chooses to book a hotel room or an STR.
"Short-term rental sector boosts AI usage as hotels lag behind" was originally created and published by Hotel Management Network, a GlobalData owned brand.
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